National Bank of Greece is expected to make its move in the insurance sector by the end of 2025, putting its own piece in the puzzle of the new insurance map. Specifically, the long-awaited “response” from National Bank of Greece to the acquisition of National Insurance by Piraeus Bank is estimated to be given on a double front.
On one hand, in the life insurance segment and bancassurance, where information suggests that National Bank of Greece is very close to signing an agreement with NN Hellas.
The information also mentions the acquisition of an equity stake by the Bank in the insurance company, in the range of 20% – 30%. On the other hand, in the general insurance segment where, according to information, National Bank is preparing an agreement with Allianz.
National Bank of Greece, alongside the new partnerships that are at the gates, is moving forward with the legal disentanglement procedures from National Insurance, being in “negotiations” both with CVC that sold National Insurance to Piraeus Bank, except for a 9.9% stake held by National Bank (it should be noted that the €600 million price from Piraeus concerns 100% of National Insurance), as well as with Piraeus in order to resolve with mutual benefit the commitments of National Bank with National Insurance.
It is worth noting that the legal disentanglement is not a simple process, as it concerns, for example, even housing loans granted by National Bank which are insured with National Insurance.
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